The Members of M/s. Archana Software Limited
Report on the financial Statements
I have audited the accompanying financial statements of M/s. Archana SoftwareLimited ("the Company") which comprise the Balance Sheet as at March 312015 and the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.
Managements responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (the Act) with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014 (as amended). This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act; safeguarding the assetsof the Company; preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
My responsibility is to express an opinion on these financial statements based on ouraudit. I have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.
I conducted the audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that I comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditors judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Companys preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances but not for the purpose of expressing an opinion on theeffectiveness of the Companys internal control. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.
I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.
In my opinion and to the best of my information and according to the explanations givento me the aforesaid financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31March 2015 and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure a statement on the matters specified inthe paragraph 3 and 4 of the Order to the extent applicable.
2. As required by Section 143 (3) of the Act I report that:
(a) I have sought and obtained all the information and explanations which to the bestof my knowledge and belief were necessary for the purposes of my audit.
(b) In my opinion proper books of account as required by law have been kept by theCompany so far as it appears from my examination of those books;
(c) The balance sheet the statement of profit and loss and the cash flow statementdealt with by this Report are in agreement with the books of account;
(d) In my opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;
(e) On the basis of the written representations received from the directors as on 31March 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2015 from being appointed as a director in terms of Section164 (2) of the Act; and
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|Place: Chennai ||A. Saravanan B.com. F.C.A. |
|Date: 28.08.2015 ||Chartered Accountant (M.No. 026101) |
Annexure to the Independent Auditors Report
The Annexure referred to in our Independent Auditors Report to the members of theCompany on the standalone financial statements for the year ended 31 March 2015 we reportthat:
(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets atreasonable intervals. In accordance with this programme certain fixed assets wereverified during the year and no material discrepancies were noticed on such verification.In our opinion this periodicity of physical verification is reasonable having regard tothe size of the Company and the nature of its assets.
(ii) (a) As explained to me inventories have been physically verified during the yearby the management at reasonable intervals.
(b) In my opinion and according to the information and explanations given to me theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.
(c) In my opinion and on the basis of our examination of the records the Company isgenerally maintaining proper records of its inventories. No material discrepancy wasnoticed on physical verification of stocks by the management as compared to book records.
(iii) According to the information and explanations given to me and on the basis of myexamination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained underSection 189 of the Companies Act 2013. Consequently the provisions of clauses iii(a) andiii (b) of the order are not applicable to the Company.
(iv) In my opinion and according to the information and explanations given to me thereis generally an adequate internal control procedure commensurate with the size of thecompany and the nature of its business for the purchase of inventories & fixed assetsand payment for expenses & for sale of goods. During the course of my audit no majorinstance of continuing failure to correct any weaknesses in the internal controlshas been noticed.
(v) The Company has not accepted any deposits from the public covered under section 73to 76 of the Companies Act 2013.
(vi) The provision of sub section 1 of section 148 of the companies Act 2013 regardingmaintenance of cost records is not applicable to the company.
(vii) According to the information and explanations given to me there is no amountspayable in respect of income tax service tax sales tax customs duty and excise dutywhich have not been deposited on account of any disputes.
(viii) The Company has accumulated losses to the extent of Rs.64826117/- at the yearend. The company had incurred no cash loss during the current and preceding financialyear.
(ix) Based on my audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank.
(x) According to the information and explanations given to me the Company has notgiven guarantee for loans taken by others from bank or financial institutions.
(xi) According to the information and explanations given to me the company has appliedterm loan for the purpose to which it was raised.
(xii) Based on the audit procedures performed and the information and explanationsgiven to me i report that no fraud on or by the Company has been noticed or reportedduring the year nor have we been informed of such case by the management.
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|Place: Chennai ||A.SARAVANAN B.COM. F.C.A. |
|Date: 28.08.2015. ||Chartered Accountant (M.No: 026101) |